Making cars and airplanes has been part of California�s manufacturing DNA since the 1920s. Dozens of plants located across the Golden State created steady, solid, middle-class jobs for tens of thousands of skilled workers. Unfortunately, the bonanza, while prolonged, petered out.
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WHAT DOES IT COST FOR
CALIFORNIA TO BORROW?

2.6%

Representative
yield for 20-year,
AAA-rated general
obligation
bonds, according
to a major
national market
benchmark.
(as of 12/22/15)

2.8%

Representative
yield for 20-year,
CA general obligation
bonds,
according to a
major CA market
benchmark.
(as of 12/22/15)

3.0%

Representative
yield for 20-year,
CA general obligation
bonds,
according to a
major CA market
benchmark.
(as of 12/22/14)

For every $1 billion in bonds issued, CA will pay $12.7
million more in debt service over a 20-year period.

All indicators reflect yields-to-call on bonds with 5% coupons and
10-year call options. Source: Municipal Market Data, licensed and
used with permission.